Trump to impose tariffs on $200 billion in Chinese goods

The escalation of Trump's tariffs on China comes after talks between the world's two largest economies to resolve their trade differences have produced no results. "Hopefully, this trade situation will be resolved, in the end, by myself and President Xi of China, for whom I have great respect and affection", Trump said.

Collection of tariffs on the long-anticipated list will start on September 24 but the rate will increase to 25 percent by the end of 2018, allowing USA companies some time to adjust their supply chains to alternate countries.

The administration announced on Monday that the additional tariffs which will take effect from September 24, are on top of penalties enacted earlier this year on $50 billion worth of Chinese goods, CNN reported. China has retaliated in kind. "Tariffs are taxes, plain and simple".

So far in an ongoing trade war, China has matched new USA tariffs on goods.

The United States had proposed the talks, but at the same time moved forward with planning additional tariffs on some $200 billion of Chinese products.

The latest round of imports will face 10 percent tariffs through the end of the year, and then the rate will jump to 25 percent.

Adding in the $200 billion list and another $267 billion of Chinese goods, total imports from China facing tariffs would exceed the $505 billion in goods that the United States imported from China a year ago. Economists warn that the effects could grow noticeably larger if Trump follows through with his threat to subject almost all Chinese imports to tariffs.

The administration earlier this month floated the idea of talks led by Treasury Secretary Steven Mnuchin, with Chinese Vice Premier Liu He expected to lead the Beijing delegation.

"If China counters this tariff increase - which I expect they will - and then the U.S. does some more, then before you know it we could be captured in something that would be extremely harmful to our exporters and by then it would be too late for us to have any say". "But, so far, China has been unwilling to change its practices".

It's the latest round of an escalating trade dispute between the two countries.

"For months, we have urged China to change these unfair practices and give fair and reciprocal treatment to American companies", Trump said in a statement.

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The U.S. had already imposed tariffs on $50 billion in Chinese imports. The Office of the U.S. Trade Representative charged in a March report that China is using predatory tactics to obtain foreign technology, including hacking U.S. companies to steal their trade secrets and forcing them to turn over their know-how in exchange for access to the Chinese market.

The greenback has benefited from safe-haven flows as the U.S.

The statements come as relations between the USA and China appear to strain.

In addition to smart watches and Bluetooth devices, certain chemical inputs widely used by American manufacturers, as well as safety products such as bicycle helmets and vehicle seats were granted exemptions.

Taken together, it means roughly half of the products that China sells to the U.S. each year will be hit by American tariffs.

Forecasters have warned that the worsening conflict between the world's two biggest traders could cut up to 0.5 percentage point off global economic growth through 2020 if all threatened tariff hikes go ahead. "Billions of Dollars is being spent on new plants all around the country!", Trump said.

"Tariffs are a tax on American families, period", said Hun Quach", RILA's vice president for worldwide trade.